Saturday, November 14, 2026

AI Outcomes: Easier for an Economic Historian Than for an Investor

A 2026 Gartner survey of 1,865 employees found that only 21 percent of time freed up by artificial intelligence was redirected into more innovative work.


“There isn’t a struggle to create capacity; that’s happening already as organizations redesign work,” said C.V. Viverito, Gartner senior director. “What organizations are struggling with is how to make that capacity usable and redirecting it to what is valuable.”


We really should not be surprised. How many entities have a really good grasp on what activities and functions produce the most value, compared to others? And how long has it taken for prior general-purpose technologies to be incorporated into changed work flows and business processes? Much longer than just a few years, as it turns out. 


That might be old news to an economic historian, but provide scant comfort for an active investor. 


In fact, general-purpose technologies have typically required 15 to 40 years from commercial introduction or widespread availability until work processes and organizations were substantially redesigned, producing clear economy-wide productivity gains.


That is an incomprehensible time frame for today’s investors, focused on quarterly and yearly observable results. So disillusionment will be inevitable, despite strenuous efforts by participants to show outcomes in the near term. 


Technology

Commercial Start

Redesign, Productivity Surge 

Lag (years)

Steam

1770s

1830s–1870s

50–60+

Electricity

1882

1920s

40

Computers/ICT

1981

mid/late 1990s

15–20


The pattern is that early adoption often involved bolting the new technology onto old processes, producing limited benefits. The full benefits arrived only after complementary investments in firm organization, skills, infrastructure and workflows.


This is the core of the “productivity paradox” or “J-curve” for GPTs: measured productivity can lag or even dip initially while firms invest in hard-to-measure intangibles (process redesign, training, data systems, management changes).


Technology

Key Commercial / Diffusion Marker

Approx. Years to Major Process Redesign & Productivity Surge

Notes on Redesign Required

Steam power

Watt’s separate condenser (1769); commercial engines ~1770s–1780s

~50–60+ years (major impact from 1830s onward)

Factories, mills, transport infrastructure; complementary rail, precision machining, skills

Electricity / electric motors

Edison’s Pearl Street Station (1882); practical motors 1880s–1890s

~30–40 years (surge in 1920s)

Shift from central line-shaft “group drive” to unit drive (individual motors per machine); single-story flexible factory layouts; workflow reorganization

Computers / ICT

Personal computer commercialization (IBM PC 1981; earlier mainframes)

~15–20 years (clear productivity acceleration mid/late 1990s)

Digital workflows, reengineered business processes, supply chains, software complements, skills

Internet (as enabler)

Commercial web / widespread access mid-1990s

Overlapped with ICT; major business model shifts into 2000s

E-commerce, digital supply chains, networked processes


Some might characterize the current “anti-AI” sentiment as a moral panic. A moral panic is a widespread, exaggerated feeling of fear that a specific group, behavior, or cultural shift poses a severe and immediate threat to the values, safety, or well-being of society.


Such technology panics often last from five to 15 years for the intense phase. So we might have to deal with this for a while. In other cases, they run their course in five years or less. 


Past panics have included fears about (job displacement, cultural degradation, loss of agency, existential risk, corruption of youth/creativity:

  • Comic books (late 1940s–mid-1950s): Concern built through the late 1940s with burnings and local campaigns. Peak intensity came with Fredric Wertham’s Seduction of the Innocent (1954) and U.S. Senate hearings that same year. The industry imposed the Comics Code Authority almost immediately. Intense public/political pressure largely faded by the late 1950s; sales and cultural centrality of the medium never fully recovered in the same form, but the acute panic phase was roughly a decade or less from ramp-up to cooling.

  • Video games and violent games: Early arcade and “Death Race”-style concerns in the late 1970s–early 1980s. Stronger national intensity in the early–mid 1990s (Mortal Kombat hearings, Lieberman, ESRB creation). Columbine (1999) produced another spike into the 2000s. The most feverish “games cause mass violence” phase lasted roughly a decade-plus of high visibility before declining as evidence failed to support the strongest claims and the medium normalized. Residual skepticism persists in some circles, but it is no longer a dominant media/political frenzy.

  • Satanic Panic / ritual abuse (roughly 1980–early/mid-1990s): Sparked by books like Michelle Remembers, day-care cases (McMartin starting 1983), heavy metal, and D&D. Peak media and legal intensity in the mid-to-late 1980s; major trials and coverage continued into the early 1990s. By the mid-1990s skepticism, failed prosecutions, and shifting attention largely ended the broad panic (though echoes remain in niche conspiracy thinking). Core duration: about a decade to 15 years.

  • Other shorter or cyclical cases: “Stranger danger,” specific drug scares, or one-off media challenges often rise and fall in one to five years. Persistent or recurring ones (certain drug wars, immigration waves) can last decades or cycle, but pure technology/entertainment panics more often follow the shorter pattern once the technology becomes ubiquitous and a generation grows up with it.


If the current wave of opposition to AI (existential risk narratives, mass unemployment fears, “slop” cultural degradation, student cheating, etc.) fits the moral-panic pattern, history suggests the most intense, media-saturated, policy-driving phase would typically run on the order of several years to roughly a decade or a bit more from peak visibility. 


Generative AI tools became widely public around late 2022; by late 2026 we are a few years in. Normalization tends to occur as people use the technology daily, evidence of actual harms is tested against claims, younger cohorts treat it as ordinary infrastructure, and attention moves to the next novelty or crisis.


Either way, AI value chain participants are going to have to deal with policymakers and regulatory concerns for some time, ranging from several years to a decade, possibly. At the same time, they will be doing their very best to highlight near-term benefits to the extent they can, even if history suggests the real benefits will be a ways off. 


Is Data Center Power Consumption About to Consume U.S. Electrical Grid Capacity? Lies, Damned Lies and Statistics

Lies, damned lies and statistics is the way American author Samuel Clemens is said to have described the power of statistics to manipulate or confuse. 


Consider a graph showing the growth of electrical grid capacity growth compared to power consumption by data centers. 

source: Howden Group


One might easily conclude there is a big and immediate problem. Grid power to support high-performance computing centers is an issue, to be sure. 


But note that the scales showing grid supply growth and data center power consumption use two different scales, with the grid figures two orders of magnitude higher than the data center consumption figures. 


Adjusting the scales so they are the same, one gets a different picture. Both electrical grid capacity and data center consumption have grown, but nowhere near what the former graph might suggest. 

 


If all present assumptions continue, we will continue to need additional power sources to support high-performance computing facilities. What is less clear is the mix of grid and local generation that might supply all the needed power. 


Nor is it clear that current power consumption rates will persist in the future. Clever humans will figure out ways to reduce consumption, no doubt.


Friday, November 13, 2026

SpaceX Might Not Play the Same Game as T-Mobile, AT&T and Verizon

SpaceX mobile service might be a ways off, but many market watchers argue the impact of new competition already is being seen in equity valuations for T-Mobile, AT&T and Verizon, which recently saw the biggest single-day stock price drops in more than a decade. 


Shares of Verizon Communications and AT&T (T) were each down more than 10 percent on Oct. 9, 2026, while shares of T-Mobile US were off more than 13 percent. Verizon shares ended up logging their weakest single-day performance in 24 years, while the stock drops for AT&T and T-Mobile were the steepest in roughly 26 years and 13 years, respectively, according to Dow Jones Market Data.


Valuation multiples already have compressed. In early November, T-Mobile was valued at about 14 times projected 2026 earnings, down from a multiple “in the 20s.” AT&T’s forward EV/EBITDA was about 6.8 times, versus a September 2025 high of 7.9 times, representing a 14-percent multiple compression.


So far, as the threat remains in the future, it is valuation metrics that are hit. Potential operating impacts remain in the future. But some already say the big-three mobile operators are uninvestable at the moment. Others argue that is overstated, given the cost of creating a fourth national infrastructure.


But that’s the rub: nobody knows what sort of network is planned; what non-traditional architectures might help or what customer base is targeted.  Most will grant that SpaceX will have advantages (customers and network infrastructure cost) in rural areas and for customers who need “always connected” service. 


Where opinions differ is on the viability of urban-area coverage; the ability to offer that at lower cost; and bandwidth. 


SpaceX already operates limited Direct-to-Cell service. It has about 650 D2C satellites and FCC authorization for up to 15,000 next-gen satellites optimized for higher capacity. 


SpaceX has assembled a spectrum portfolio of 65 MHz mid-band (AWS-4, H-Block, unpaired AWS-3) from EchoStar and up to 14 MHz worth of low-band 800 MHz nationwide from Grain Management 


Still, that adds up to around 70 MHz to 80 MHz in key bands, far less than the Big Three’s collective ~1,000+ MHz of capacity. 


And the Big Three have so far rejected the ideas of providing mobile virtual network operator wholesale access for SpaceX’s own retail service.


Some critics point out the heavy capital investment that would be required to create a fourth facilities-based U.S. mobile network. But SpaceX is pursuing a hybrid: satellite for ubiquitous coverage and terrestrial radios (including potential small cells/femtocells co-located with Starlink dishes or on leased towers.


Qualcomm Dragonwing platforms have been signed for terrestrial base stations, targeting multi-year deployment of tens of thousands of sites starting in 2028 or so. 


SpaceX plans to use a hybrid architecture and targeted terrestrial build:

  • Satellites handle rural/remote/dead zones and disaster resilience

  • In denser areas,  tower leases and small cells/femtocells (potentially co-located on Starlink customer dishes) rather than full greenfield macro towers.

  • Backhaul using Starlink itself in places, lowering site acquisition, permitting, and power costs compared to traditional architecture.


Critics and competitors say a full competitive terrestrial build at $300 billion to $500B over four to six years (sites, RAN, backhaul, spectrum, retail/ops). 


Others believe an initial national footprint might cost only about $70 billion ($55B to 95B for initial hybrid rollout). 


There are other issues to confront, including urban capacity, indoor performance, handset ecosystem (device spectrum support), retail distribution, customer service and possibly some regulatory issues around femtocell output power. But any new contestant faces such issues. 


Disruptive attacks using different architectures or business models can succeed:

  • Cable television creates a new industry alongside broadcast TV

  • Mobile telephony replaces landline

  • IP telephony changes voice industry economics, pricing

  • Netflix disrupts home video

  • Streaming music disrupts physical media delivery

  • User-generated content creates social media

  • User-generated video creates new short-form industry

  • OTT messaging (WhatsApp, iMessage, etc.) disrupts telco short messaging service.


The other issue is how much bandwidth SpaceX really needs to supply to compete. Video and other higher-bandwidth applications dominate mobile data traffic volume (roughly 70 percent to 80 percent), but a large majority of that traffic is offloaded to Wi-Fi in stationary settings. 


So depending on how the market perceives SpaceX offers, video bandwidth might not be as necessary as the telcos suggest. 


In outdoor and in-transit mobile contexts, a higher share of value and session activity remains in lower-bandwidth uses such as messaging, voice, navigation, and light social activity. 


For SpaceX, the business issue might be more specifically “how to provide indoor messaging, voice navigation and social media connectivity of a lower-bandwidth sort, without necessarily investing to provide video bandwidth “everywhere.”


We already know that when people are outdoors or in transit:

  • Overall data volume is lower

  • Lower-bandwidth activities dominate sessions

  • Studies of context show communication (text, calls) and lighter activities remaining prominent outdoors or in transit, while heavy media consumption concentrates indoors/at home.  


The point is that SpaceX might not “need” to build as heavily to support high-bandwidth activities, as those will tend to be offloaded to Wi-Fi in any case. In-building voice and messaging is far more important. 


The point is that the alternatives of “primarily rural coverage/lower capex” versus “urban coverage/high capex” are perhaps not mutually exclusive. SpaceX might be able to thread a needle: lower capex than expected to supply full rural and urban coverage for the sorts of activities mobile users expect, with offload to Wi-Fi for video and other bandwidth-intensive use cases. 


Sure, there are lots of execution issues. But users are familiar with Wi-Fi offload for access when they are indoors. For most of us, access switches automatically, most of the time. So SpaceX might not need to match the full bandwidth of T-Mobile, AT&T and Verizon to compete. It might lean on the “always connected” marketing platform, not the “fastest network” messaging the Big Three tend to emphasize.


Tuesday, November 10, 2026

"Live by the Sword, Die by the Sword"

It is a fair question to wonder how global high-performance computing capacity might change if interests that want slower or little AI data center growth get their way. Right now, about 72 percent to 75 percent of global high-performance AI compute and supercomputer capacity, according to data tracked by Epoch AI and analyzed in reports by institutions like the Federal Reserve.


It is an equally-important question whether words about “reining in AI” will result in corresponding action, if the outcomes are negative. The adage “live by the sword, die by the sword” is relevant here. 


source: Epoch AI 


source: Federal Reserve


At the same time,  artificial intelligence and data center-related investments have driven a major portion of U.S. gross domestic product growth, accounting for roughly 30 percent to over 44 percent. 


Also, AI investment has represented as much as 75 percent to 90 percent of capital spending in recent years.


source: Federal Reserve 


The issue is whether politicians are willing to gamble that the industry can be throttled or scaled back without losing the positive economic benefits AI has been providing to the economy. As the old adage warns, in retail politics “it’s the economy, stupid.” 


And even if it has been very difficult to measure AI impact on productivity, for example, new evidence is starting to emerge of quantifiable gains, even if aggregate output and employment levels are affected by lots of other inputs. 


source: An Economic Sense


 

source: An Economic Sense


One expects a certain amount of political posturing by politicians. But one also expects those same politicians to make note of any corresponding policies that could negatively affect the economy. Nobody wants to be holding the “we tanked the economy” bag when the next election happens. 


The point is that “AI winter” is not likely to happen, at least not because of draconian government policies. It’s one matter to say what voters want to hear at a moment in time. It is quite another matter to follow through on policies that actually make the economy worse. Voters will punish politicians just as they rewarded them. 


Monday, November 9, 2026

Walmart, Amazon Take Divergent Approaches to Agentic Commerce

Walmart and Amazon are taking apparently opposite approaches to agentic commerce. Walmart leans to towards an “open” approach while Amazon prefers a more-closed approach. 


Walmart is trying to make its products available wherever consumers choose to shop with AI, partnering with ChatGPT and Gemini, while also building its own agentic agent Sparky,  while Amazon is trying to ensure that AI shopping remains inside an environment Amazon controls by barring most third-party access and relying on its own Rufus agent and other related features.  


It’s an old set of choices. Should an incumbent embrace a new technology platform that may weaken its control over customers, or defend its existing ecosystem and risk losing customers to the new platform?


Neither strategy is universally successful or applicable, though. Much hinges on a firm’s position within an industry. Openness tends to help a company when the new technology shifts value toward a platform or distribution channel it does not control. 


Closed ecosystems tend to work better when the company can make its own platform the preferred destination. 


Open approaches also tend to enable new competition, while closed approaches might tend to favor incumbents with market power. 


But it also is fair to say that both firms attempt to control the interface, the data, and the transaction.


Strategic issue

Walmart's calculation

Amazon's calculation

Customer acquisition

Third-party AI can introduce Walmart to consumers who do not begin their shopping journey on Walmart.com.

Outside agents could divert existing Amazon customers and reduce the importance of Amazon's own app and website.

Competitive position

As a retailer competing against Amazon, Walmart benefits if AI makes retailer choice more fluid.

Amazon benefits from the frictionless integration of its catalog, reviews, payments, Prime benefits, and delivery network.

Customer data

Cooperation can provide incremental demand, although Walmart risks losing some browsing and intent data to AI intermediaries.

Outside agents could capture valuable signals about what customers want, compare, reject, and ultimately buy.

Advertising and sponsored listings

AI recommendations could create another route to product discovery, but may weaken Walmart's control over advertising inventory and ranking.

Amazon's sponsored product placements and retail-media economics could be undermined if an independent agent chooses products using its own ranking criteria.

Price competition

Walmart can compete on price, convenience, grocery, and physical-store reach if agents make comparisons easier.

Agents that systematically compare alternatives could expose price differences and weaken Amazon's ability to retain customers through convenience and ecosystem benefits.

Transaction economics

A new channel is attractive if incremental sales outweigh integration costs and any commissions or loss of control.

Keeping transactions in-house protects more of the economics and preserves control over checkout, customer service, and fulfillment.

Principal risk

Becoming a supplier to someone else's AI platform rather than owning the customer relationship.

Protecting the current platform too aggressively and allowing a new AI intermediary to become the consumer's default shopping destination.


Beyond all that, there can be other issues driving a policy choice. Walmart, for example, encountered issues with a native ChatGPT checkout experience, and now integrates its own Sparky agent. And Amazon might eventually allow some access by external agents, if it can keep control of the customer relationship, or conversely, if it finds it must cede some control to protect sales volume.


Historically, computer operating systems, browsers and mobile phones illustrate cases where distribution, customer relationships or the economic value of the ecosystem shaped choices, generally involving choices between degrees of openness versus closed approaches. 


Historical case

Strategic choice

What happened

Lesson for Walmart and Amazon

IBM PC vs. the Microsoft/Intel ecosystem (1980s–1990s)

IBM initially benefited from a PC architecture built around widely available components and outside software. Microsoft and Intel occupied increasingly powerful positions within that ecosystem.

IBM helped establish a market whose economics ultimately favored independent software and chip platforms. IBM lost much of its control over the architecture it had helped popularize. IBM history of e-business; U.S. DOJ Microsoft findings.

A company can create a successful ecosystem without capturing the largest share of its eventual value. Walmart could help normalize AI-mediated shopping while an AI provider captures customer attention and economic rents.

IBM OS/2 vs. Microsoft Windows (late 1980s–1990s)

IBM and Microsoft initially cooperated on OS/2, then diverged. Microsoft concentrated on Windows, while IBM continued to develop OS/2.

Windows gained a decisive advantage from software availability, hardware compatibility, and distribution through PC manufacturers. OS/2 struggled to match that ecosystem. OS/2 history.

Cooperation alone does not win. A company must attract developers, users, and complementary services around its platform. Walmart's partnerships will matter most if they generate durable customer relationships and sales.

Microsoft Internet Explorer vs. Netscape (1990s)

Microsoft initially treated the browser as a threat to Windows and responded by integrating Internet Explorer with Windows and distributing it without a separate charge.

Internet Explorer displaced Netscape's leading position. The U.S. antitrust case documented Microsoft's efforts to protect its operating-system monopoly from the emerging browser platform. U.S. DOJ findings.

Amazon has a rational reason to defend its shopping interface. But incumbents may also use integration and distribution advantages to defend a threatened business model, potentially inviting regulatory scrutiny.

AOL's walled garden vs. the open Internet (1990s–2000s)

AOL initially offered a curated online environment; the wider Internet offered access to independently operated websites and services.

The open web became the broader platform for online activity. AOL later adapted its business rather than retaining its former position as the primary gateway to online life. IBM's history of e-business.

A retailer's controlled environment can be attractive until consumers prefer a more convenient intermediary that searches across competing destinations. Amazon must consider whether its walls add enough value to offset the friction they impose.

Apple iPhone vs. Android (2007 onward)

Apple chose a tightly integrated hardware and software ecosystem. Android enabled a broader network of device manufacturers to participate in a shared platform.

Both strategies succeeded, but in different ways: Apple captured substantial value through integration and premium devices, while Android spread across a much wider range of manufacturers. Apple's developer ecosystem; Android.

This is a crucial counterexample to the idea that openness always wins. Amazon could preserve a highly profitable closed ecosystem if its convenience, trust, and fulfillment advantages remain compelling.

The open web vs. proprietary online services (1990s onward)

Proprietary services controlled the user experience; web standards allowed independent sites, search engines, and new intermediaries to emerge.

Open protocols enabled new categories of businesses and made it possible for companies such as Google to become major gateways to information without owning all the underlying content.

An AI shopping agent could become the equivalent of a search engine for purchases, directing demand across retailers rather than requiring consumers to visit each retailer first.


It might be tempting to conclude that “open” tends to win, but not always. Apple’s  example suggests openness is not a universal rule. Closed ecosystems can thrive when consumers value a coherent experience enough to accept the restrictions. 


And “control” might exist in a few different parts of the value chain:

  • The user's AI agent, which understands intent, compares products, recommends and negotiates

  • Retailers and their systems who supply product catalogs, prices, inventory, promotions, loyalty and checkout experiences

  • Physical commerce infrastructure including warehouses, stores, picking, delivery, returns and customer service. 


It is possible that ultimate success for Walmart or Amazon will hinge on dominance in a couple, but not all, of these parts of the value chain. And either open or closed strategies could work. 


Indicator

Evidence favoring Walmart's strategy

Evidence favoring Amazon's strategy

Where shopping begins

A rising share of purchase journeys originates in general-purpose AI assistants.

Consumers continue to begin most high-intent shopping journeys on Amazon.

Incremental customer economics

AI referrals generate profitable new customers and larger baskets at reasonable acquisition cost.

Amazon's own assistant increases conversion, frequency, and retention more effectively than external agents.

Who controls recommendations

Independent agents can compare retailers and rank products without retailer restrictions.

Retailer-controlled agents provide sufficiently superior recommendations, loyalty benefits, and convenience to keep customers inside their ecosystems.

Advertising and monetization

Retailers can monetize AI-driven demand without surrendering too much margin or data.

Amazon retains valuable sponsored placements, purchase-intent data, and other retail-media revenue within its own environment.

Transaction reliability

Common standards make inventory, payment, substitution, delivery, and returns work across retailers.

Complex transactions work materially better inside each retailer's integrated systems.


Walmart has an incentive to open distribution because it can gain from a change in the shopping gateway. 

Amazon, on the other hand, has an incentive to control distribution because it is the existing gateway.


But much hinges on where users experience value. If starting a shopping journey inside Amazon continues to make sense, Amazon wins. If users start to trust their agents, then perhaps Walmart wins. And it seems inevitable that neither Amazon nor Walmart approaches win all the time. 


It might matter whether the user values selection across retailers (perhaps choices are narrower but price differences can be significant), compared to the value of curation when the product universe is large. 


The key variables might include:

  • how much comparison matters

  •  how costly a mistake is

  • how much context the agent needs

  • whether the retailer has a unique advantage in price, assortment, or fulfillment.


Not every shopping experience favors each strategy. 


Shopping experience

Likely advantage

Why

Routine grocery replenishment

Walmart openness

An agent can compare prices across grocers, assemble a basket, and optimize substitutions, store proximity, and delivery. Walmart's stores and grocery scale are valuable if the agent can access them.

Repeat purchases of known products

Amazon curation, with a caveat

One-click reordering, purchase history, reviews, and reliable delivery make Amazon convenient. But if an independent agent can automatically find the cheapest equivalent across retailers, Walmart benefits from openness.

Staples and commodity products

Walmart openness

For paper towels, detergent, batteries, and pantry staples, product differences may be small relative to price, availability, and delivery cost. Cross-retailer comparison is valuable.

Novelty and product discovery

Amazon curation

A broad catalog, customer reviews, recommendations, and product comparisons can help consumers discover unfamiliar products. A strong independent AI agent could, however, reproduce much of this capability across retailers.

Rare, complex purchases

Amazon curation, potentially

For cameras, specialized tools, electronics, or hobby equipment, product specifications, compatibility, and reviews matter. Amazon has extensive product information and shopping history. An independent agent may win if it searches specialist retailers and manufacturer sources more comprehensively.

Urgent purchases

Depends on local fulfillment

The winning retailer is the one that can actually deliver the right item fastest. Walmart's physical-store network may be decisive for local essentials; Amazon may win on products already stocked in its fulfillment network.

Large, mixed baskets

Walmart openness

An agent can optimize the entire basket across retailers, rather than selecting the best individual product at one retailer. Walmart's grocery, household, pharmacy-related merchandise, and general merchandise breadth can help.

Premium or highly differentiated goods

Depends on brand access

Product authenticity, warranties, authorized distribution, expert advice, and service may matter more than the lowest price. Neither Walmart's openness nor Amazon's curation automatically wins.

Gift shopping

Open agents, potentially

An agent can search multiple stores using recipient interests, budget, delivery deadlines, and gift availability. Amazon's reviews and recommendations still help, but cross-retailer discovery may offer more distinctive choices.

Fashion, beauty, and home décor

Mixed

Personal taste, visual discovery, sizing, returns, and brand identity complicate pure price optimization. Retailer-specific expertise can matter, but a cross-retailer agent could broaden discovery and compare return policies.


And different types of purchases might create value in ways that either approach can tend to capture:

  • Frequency favors whichever platform has the best history, automation, and fulfillment.

  • Commodity products favor open, multi-retailer agents.

  • Decision complexity might favor the agent with the best data and reasoning

  • Fulfilment (delivery speed, returns, warranties, local availability matter favors the provider with  strongest operational capabilities.


And there also are the issues around user preferences. Some users will want to delegate more; some less. Some will trust agents more; some less. 


The point: it is not certain which approach is “better” or “more successful” long term. Both can work, sometimes, for some purchases.


AI Outcomes: Easier for an Economic Historian Than for an Investor

A 2026 Gartner survey of 1,865 employees found that only 21 percent of time freed up by artificial intelligence was redirected into more inn...